KOREA’S financial regulator has confirmed that there is to be more laxed cryptocurrency regulations for domestic traders.
This report comes after an approval from President Moon Jae-in to lead the Financial Supervisory Service (FSS), new governor Yoon Suk-heun will seek to revise some of the regulations imposed on the cryptocurrency market.
The new governor of the FSS is known for being a “reform-minded” activist
Yoon Suk-heun told reporters: “Regarding cryptocurrencies, there are some positive aspects…The FSS will collaborate with the FSC when an inspection on policies and financial institutions has different configurations associated with different scopes. FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC.”
Back in September the FSS issued a ban on initial coin offerings (ICOs) operating in South Korea. On top of this the FSC enforced a ban on anonymous cryptocurrency trading by enforcing the use of real-name trading accounts.
Yoon has declined to comment further on the specifics of the regulatory changes stating: “There are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually”
This change in stance regarding cryptocurrencies coincide with news of Korea’s ruling party working on a new bill to legalize ICOs after the ban last year.
Yoon Suk-heun will begin as the new FSS chief on Tuesday, May 8th. This subject is certain to come up again during press conferences scheduled for tomorrow.